You are at a store buying whatever and the store offers you a discount if you buy it with a new store credit card. Good deal right? Wrong. That new store credit card could cause your credit score to go down, you may end up paying more for that discounted item, and encourage you to buy something you don't really need.

Jim Randel, author of The Skinny on Credit Cards, cautions that every time you apply for a card your credit report is checked, taking a nick out of your credit score because the application “creates the appearance that you may be loading up on debt.”

Experts estimate that one inquiry about a store card can lower your score by two to five points. “Apply for several store brand cards in a couple of months, and you will shave as many as 20 points off your credit score,” Randel says. And if your application is accepted and you actually open a new charge account, it will cost you an additional five to 15 points.

Also suppose you save 10 percent on a $100 pair of shoes, Randel says. The $90 final price, plus sales tax, is charged to your new account, which has a 21 percent annual interest rate. “If you make the minimum monthly payment of $10, the shoes will end up costing you about $107—$7 more than if you just paid the full price,” says Randel.

“The discounts associated with opening or using these cards are only worthwhile if you pay the balance off completely before accruing any interest,” he adds.

So before accepting a cashier’s offer to open a store-brand credit account, ask yourself:

• Does the store accept a credit card I already carry? If so, put on the brakes. Too many cards can damage your credit score.
• Will having this account fuel my urge to splurge? Easy access to a new line of credit may derail your budget train, especially if you’re an impulsive shopper.
• Am I planning to buy a car or house in the next six months? If so, don’t open any new credit card account of any kind, as it is likely to take your credit score down a notch. This could cost you dearly in interest you are charged for your major purchase, or may even prevent your approval for the financing.
• Do I have the money to pay the charged amount in full before any interest is due? If not, don’t open the account. You’ll probably spend more in interest than you saved at the register.

 

And remember to take the "stranger test."

Is it possible to live on unemployment benefits?

It isn't fun or easy, but it can be done, for some. Try these tips:

• Minimize your required commitments. Repaying debts? Call the creditors and explain your situation and ask for an abatement. This won’t get rid of your debt, but it can minimize your requirements for the time being. Getting rid of credit card debt should be a priority. Have you noticed recently credit card interest rates and fees rising ahead of credit reform?
• Try to save as much money as possible. Rethink all your purchases: Use the "Stranger" purchasing test.  Do I really need this? Could I possibly get it at a better price? Could I possibly use something else instead that costs less? Buy what you need, not what you want.
• Get Rid of the Car. Having a car is probably your largest single expense after housing. Seriously consider getting rid of it and saving a bundle on gas, insurance repairs etc. Many US cities and towns have poor public transport and are dangerous to ride a bicycle regularly so if you can't live without a car,  consider downsizing it and using it as infrequently as possible. You may even reduce your medical bills due to your increased health and fitness by riding and walking.
• Spend no more than $200 USD a month on household necessities (food, toiletries, cleaning supplies, etc). The only way to pull this off is to cook pretty much everything yourself (buy raw ingredients instead of pre-prepared food), or get government assistance.
• Simplify your life. Purge and learn to live with less. Garage sale all that unused stuff in your closets and garage. You will be a much happier person and maybe generate some cash.
  Live small, find a smaller house. Consider renting; it enables you to be free to leave without incident. Less is more. Less time to earn and take care of things and more spare time to relax.
• Take every side opportunity you can. There are all sorts of little opportunities to make more money if you pay attention. Doing things like helping someone shingle a roof for $10 an hour cash is an opportunity you can’t let pass by. Free meals? Take them. Twenty bucks for helping an old man clean out his garage? Do it. Ask around for odd jobs and other small-scale moneymaking opportunities – perhaps even get started on your own “handyman” business.
• Minimize your possessions. There are a lot of reasons for doing this. The biggest one is that the more stuff you have, the more money you’ve wasted. Also, fewer possessions mean that you need less room to live. If all of your worldly possessions (clothes included) fit in a single Rubbermaid tub – that'll make it extremely easy to actually live in someone’s living room for a while, if you need to. Sell items you don't need. Amazon, Craigslist and E-bay are great places to sell your stuff. Be wary of scams however. Fewer possessions means you will be more mobile to move to a more job "rich" or lowere cost area.
• Grow your own food. You can grow a significant portion of your food, condiments, and healing herbs yourself very cheaply and for a few hours work a week. If you don't have a backyard, many areas have garden allotments available for those who sign up. You can even grow food in containers, on the floor, in window boxes, in hanging baskets, and in 'window farms'. Common seeds are cheap. Or, take home and plant such items as potatoes and herbs from the natural foods supermarket. Many will grow quite well at home because they don't have growth inhibiting chemical additives.
• Get a second job. Face it, you don't have a lot of money to spend on leisure anyway and that first job is taking maybe 10 hours at most out of your day. A second part time job can reduce your expenses while making a huge difference to your total take home pay. It also gets your foot into another door that may lead to a much better paying position if you do your job well.

 

We will add more tips from the web and our readers. Visit again.

And check out the "22 Frugal Tips." Also send in your favorite money saving ideas.

Before the credit card there was the "layaway." Layaway is a riskless form of consumer financing that has been in decline over the years with K-Mart, Burlington Coat Factory and Marshall's among the remaining large retailers that still offer the service.

Layaway is a simple concept. The customer makes a deposit, usually with a modest service charge included, and the merchant puts the goods aside, or lays them away and does not release the goods to the consumer until they are paid for in full.

Layaway plans are making a comeback, according to a recent article in The Economist. A website, eLayaway, updates the concept to the internet age. It helps users find the right retailer with the right merchandise and the right layaway plan. Then eLayaway sets up automated payments from the customer's bank account to the retailer. The payment platform is designed and maintained by HSBC.

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Your sex life needn't suffer just because you are unemployed.

In fact dating on a budget can be exciting and more intimate than a "money" date. Try these budget dating ideas courtesy of WikiHow.com.

1. Take a walk. In a park or around your streets,its healthy,   stimulates conversation and great to see how you and your date get along.
2. Take a photography tour. You probably have a small digital camera or a phone with a camera. While walking take lots of pictures of each other, using funny angles, pulling faces, finding cool objects to photograph. You will have a record of the date and you will probably find out heaps about your  dates personalty. 
3. Check out the bookstore or library. Browse the shelves, Discuss and point out what you like. I bet you will found out  lots about your dates likes and dislikes.
4. Make dinner for your date. Making dinner at home is the cheapest, and can be the healthiest, way to eat. Impress your date with your culinary skills and throw a  few candles on the table.  How romantic.
5. Play pool or darts. Go to a bar during happy hour. The drinks and food will be cheap. Show your competitive spirit. 
6. Check out the local live music scene. Most cities have plenty of bands that do free shows or have a low cover charge. Share your musical tastes.
7. Take a dance class together. Many dance studios and instructors offer free or low-cost beginner group lessons. Consider swing, salsa, or (for a little extra intimacy) tango.
8. Hit the gym. Many gyms offer a free day pass for you to "test" the facilities. Challenge each other with weight training, take a yoga or aerobics or spinning class together, and splash around in the pool.
9. Go to a minor league game. Tickets to these events are often only a few dollars, and are a great way to spend the afternoon or evening.
10. Check around your community for independently-owned or discount movie theatres. Tickets will cost less (often only two or three dollars), as will concessions. In addition, these theatres will be less crowded, so you're less likely to get stuck behind someone tall or in front of someone loud. Alternatively, you can always borrow movies from your local library!
11. Check out your local zoo or museum. Usually zoos and museums are inexpensive places to go on a date and explore a little. Occasionally, these places will also have free days. Some are free every day!

 

Do you have any frugal dating ideas? And check out this "How To Plan A Cheap Date" video ...

 

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Do you throw the egg shells from your morning eggs into the garbage? Try these handy egg shell reuse ideas from AltUse.com:

• Grow seedlings. Break eggs so that you have about two-thirds of the bottom part of the shell in tact. Rinse out. Poke a hole in the bottom with a pushpin. Fill each egg with some soil, and plant a few seeds in each egg. Place eggs back in the carton. Once the seeds are big enough to plant, put them into the ground, shells and all. The shells will act as fertilizer.
• Clean your disposal. Put an egg or two down your disposal—the sharp shells clean the blades.
• Fertilize plants. Crush five dry eggshells into a powder and add to soil before planting. Since eggs are made up mostly of calcium and magnesium, they're great for plants. To make a liquid fertilizer, just keep your eggshells in a watering can. Add water, soak for several days, then use the water for your plants. Water from boiling eggs works, too.
• Scrub pots and pans. Use crushed eggshells instead of steel wool.
• Make better coffee. Add a few crushed eggshells to your coffee before brewing for a smoother taste. An old cowboy trick.

October 30, 2009 Steven Chu, US Secretary of Energy talks about saving energy, saving money, spending tax dollars, and creating jobs.

HuffingtonPost.com showcases Steven Chu: I've always been a bit of an energy efficiency nut.

I've made it my mission to cut the utility bills at every home we've owned. Long before I learned about the risks of climate change, I was fanatical about energy efficiency because I'm cheap.

Whenever my wife and I move into a new home, I check the attic for adequate insulation. I look for leaks around doors and windows and install a programmable thermostat if needed. In our latest home, I've also insulated our water pipes with inexpensive foam from our local hardware store and painted mastic sealant on the seams of the air ducts. When our hot water heater needed replacement, we installed a tank-less water heater which decreased our summer-time gas use by 50%. In the summer, we found that setting the thermostat at 77 - 78 degrees and a gentle breeze from a fan was all that is required to be comfortable.

So far, we are on track to cut our utility bills by about half compared to the previous owner, but we are doing more. Our home has two large skylights that funnel too much heat out in the winter and let too much heat in the summer. We intend to replace these older windows with modern widows with five times the efficiency.

Taking these steps is called "weatherization." I would rather call it "saving money by saving energy." Over the next several years, we want to help millions of American families seize the same opportunity to cut their utility bills by making their homes and appliances more energy efficient while increasing comfort.

We are making a major down payment on this effort through the President's economic recovery plan.

Read more at: http://www.huffingtonpost.com/steven-chu/weatherization-saving-mon_b_339935.html

First, the Recovery Act expanded tax credits for energy efficiency upgrades to your home. If you purchase and install certain energy-efficient windows, insulation, doors, roofs, or heating and cooling equipment, you can receive a tax credit for 30% of the cost, up to $1,500. For example....

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